• As DOGE fell over 90% from its peak, his holdings dropped to $50,000. Contessoto remains optimistic, believing DOGE will become Twitter’s currency. 

• Despite market fluctuations, he sees DOGE reaching $1 in the next bullish cycle. Musk’s tweets consistently impact DOGE. 

Glauber Contessoto went full throttle into Dogecoin when Elon Musk began enthusiastically promoting the cryptocurrency on Twitter in 2020. He invested his entire savings and maxed out his credit card to put $250,000 into Dogecoin. At its peak, his investment swelled to $3 million, but Contessoto, known for his unwavering commitment, chose not to sell.

Currently, as Dogecoin (DOGE) has experienced a decline of more than 90% from its record peak of $0.73 in May 2021, the resident of Las Vegas has witnessed his investment’s worth plummeting to as little as $50,000.

Contessoto’s Optimistic Projections for DOGE

Contessoto, who goes by the moniker “SlumDOGE Millionaire” and manages The Dogecoin Millionaire YouTube channel, recently expressed his disappointment on Twitter. Nevertheless, he remains steadfast in his belief. “DOGE will unquestionably turn into the currency on Twitter,” Contessoto affirmed, adding, “I genuinely hold this conviction.”

Perhaps the Las Vegas resident’s perspective holds merit: Initially conceived as a jest, DOGE has gained traction due to Twitter’s idiosyncratic new owner, who has frequently discussed—sometimes earnestly—how this original meme-based coin could eventually evolve into the favored cryptocurrency for transactions.

Musk might be incorporating it into Twitter, following reports earlier this year that the social media giant was developing a product to facilitate cryptocurrency payments. “Considering Musk’s rebranded platform as ‘X,’ he suggested, there’s a logical connection.

However, Doge is predominantly subject to speculation. Its value has historically exhibited sharp fluctuations primarily in response to Musk’s statements, and many individuals often engage with it in the hopes of achieving rapid wealth.

Despite observing the decline in his investment’s value, Contessoto remains among those optimistic individuals. “In the upcoming bullish market cycle, Doge will inevitably reach $1,” he confidently projected. “I have complete certainty in this prediction.”

He further stated, “Crypto markets are cyclical. I went into it understanding this concept, I just miscalculated how low we would actually go.” He mentioned that in the future instance, he would consider selling, though not necessarily liquidating the entire holding.

Elon Musk’s Tweets Ignite Dogecoin’s Enthusiasm

Today, the cryptocurrency sphere is buzzing again due to an unforeseen shift in the price of Dogecoin (DOGE), all thanks to a tweet from the legendary CEO of Tesla, Elon Musk. This pattern has become a regular occurrence, where almost every tweet from Elon Musk that hints at or mentions Dogecoin triggers a flurry of actions from DOGE enthusiasts, regardless of whether the tweet’s message is subtle or direct.

In the early hours of the day, the driving force behind the sudden surge in DOGE’s value was a simple tweet from Musk. He shared an animated logo of the “X” emblem, crafted by one of Twitter’s most prominent DOGE influencers, DogeDesigner.

 Interestingly, Musk posted the video without any accompanying commentary, merely tagging DogeDesigner as the video’s creator. Nevertheless, this acknowledgment proved sufficient to invigorate DOGE bulls, leading to an impressive 4% increase in the cryptocurrency’s price.

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